BDO Canada has partnered with Validis to use the fintech’s open accounting solution to improve its audit services.
Validis, a London-based technology company with offices in North America, offers an API-enabled platform that instantly accesses and normalizes financial information from leading accounting software packages. The Validis system connects to accounting applications used by 80% of the SME market and is currently used by 80% of UK tier 1 banks and each of the big four accountants.
BDO Canada will leverage third-party software from Validis to improve the quality and efficiency of its audits by improving the accuracy and timeliness of access to financial information – including general ledger, accounts receivable and account data suppliers.
“We are thrilled to support BDO on its continued journey of audit innovation and growth in Canada,” said Jeff Gramlich, Managing Director, Accounting at Validis. “Our state-of-the-art API solution will provide their audit teams with secure, consent-based connectivity to their clients’ accounting data, and standardized from a range of packages, a task that has traditionally been very manual and time-consuming. . Our software saves the client’s audit team and finance team hours of effort, reducing the total audit time by days.
BDO’s accounting advisory practice provides services in the areas of financial reporting assistance, transaction assistance, and transaction and capital market preparation.
“We are delighted to partner with Validis for this exciting opportunity, which will help BDO continue its digital journey,” said Paul Vetrone, Director of Audit Transformation and Innovation at BDO. “Validis will connect with BDO’s existing digital technology suite to deliver a high-quality audit experience, with more comprehensive information available to our advisors and clients.”
BDO Canada is headquartered in Toronto and provides audit, tax and advisory services to middle market clients. The company has 4,300 people nationwide and had revenue of $793 million in 2021.